Sep 15, 2008 6:56 pm US/Eastern
Wall Street Worries Hit Restaurants' Bottom Lines
WHITE PLAINS (CBS) ―
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Increased costs and economic slowdown are keeping customers away from restaurants.
AP
From the trendy bistro that's gone bust in New Rochelle to a storefront deli in White Plains, and fine dining establishments all across the suburbs, restaurants are suffering from what's been described as "the perfect storm."
Consultant Morris Gut said increased costs and economic slowdown are keeping customers away. "It's hard to be sitting at a restaurant with maybe a hundred seats and seeing it a quarter full. That hurts!"
At Martine Gourmet in White Plains, owner Joe Sansotta is selling much fewer sandwich trays, because many local corporations have scaled their catering budget down by 50-percent.
"Let's say they have a budget of x-dollars a month, they cut it in half. So instead of ordering once a week, they'll order once every other week," Sansotta said.
Some regular deli customers have even told him that they're starting to brown bag it to save money. But even with economic turmoil on the menu, some restaurant owners are finding a recipe for success.
Business is sizzling at "Brooklyn's Famous Subs and Pasta" in White Plains. They rewrote the menu to emphasize entrees under $10, and the owner says cost-conscious diners are eating it up.
"I know from my customers, they come here to eat a lot because: 'I can't afford that $20, $30 per person meal right now with this economy, but I can afford Brooklyn's Famous'," said Famous' Vicki Weisse.
The restaurant business is never easy but now more than ever you need a strong stomach.
(© MMX, CBS Broadcasting Inc. All Rights Reserved.)
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